Escorts Kubota plans to invest ₹4,500 Crore for green field facility

19 Aug 2024 , 01:14 PM

Escorts Kubota Ltd intends to invest up to ₹4,500 Crore to establish a green field facility in Uttar Pradesh. The farm and construction equipment maker has also approached the state government with an investment proposal for land purchase.

According to a statement, the company intends to build an integrated greenfield manufacturing plant to extend its existing capacity and fulfil future growth requirements.

An ‘Investment Intent’ has already been made to the Uttar Pradesh government for the acquisition of land, with an anticipated direct and indirect investment of more than ₹4,500 Crore, which will be invested in stages, according to a stock exchange filing.

The company plans to generate over ₹10,000 Crore in annual production income while employing over 14,000 people directly and indirectly at full capacity.

In the June 2024 quarter, the company reported a combined net profit of ₹293.13 Crore, representing a 1.11% rise. The company declared a net profit of ₹289.89 Crore in the April-June period of the preceding fiscal year 2023-24, according to an exchange filing.

At around 11.33 AM, Escorts Kubota was trading 0.32% higher at ₹3,743.95 per piece, against the previous close of ₹3,732 on NSE. The counter touched an intraday high and low of ₹3,784.95, and ₹3,719.75, respectively.

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